ReachLocal goes public and raises $54.17

The ReachLocal IPO occurred Thursday. They raised about half ($54m) of what they expected ($100m).

Any CFOs want to break down the numbers and pull out some nuggets of wisdom?  Does the Revenue ($203K) and Cost of Revenue ($112) directly expose the amount they spend on click traffic (55%)? If this math is right, then that means they take a margin of 45% right off the top.

Check the SEC website for the full IPO doc

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